IBM Big Data Hub

MAY 1, 2023

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Artificial intelligence applied to insurance The insurance industry has always made extensive use of data and algorithms, such as in the calculation of insurance premiums.

Insurance 75

Insurance Predictive Modeling Cost-Benefit Statistics 75

datapine

MAY 31, 2022

3) Cloud Computing Benefits. It provides better data storage, data security, flexibility, improved organizational visibility, smoother processes, extra data intelligence, increased collaboration between employees, and changes the workflow of small businesses and large enterprises to help them make better decisions while decreasing costs.

Risk 237

Risk Cost-Benefit Business Intelligence Data-driven 237

Smart Data Collective

JULY 8, 2021

Intuitively, this also means that consumers stand to benefit from advances in artificial intelligence as well. However, they should not be passive about waiting for their bank, insurance company or other financial institution to advise them about new technology that can assist them.

Machine Learning 143

Machine Learning Management Finance Cost-Benefit 143

Smart Data Collective

DECEMBER 19, 2022

Cloud computing offers a number of important benefits for healthcare providers. What Are the Benefits of Cloud-Based Medical Billing Technology? As soon as the billers receive the necessary information, they prepare a claim for the insurance company. Code patient reports correctly. billion on cloud technology.

Software 127

Software Technology Insurance Cost-Benefit 127

CIO Business Intelligence

SEPTEMBER 24, 2024

This is a significant change moment,” says Rich Wiedenbeck, CAIO of Ameritas, an insurance and financial services company headquartered in Lincoln, Nebraska. Both Wiedenbeck and the new CIO report to the executive office, consisting of the CEO and the president/COO. We want to look at the whole end-to-end process, enabled by AI.

IT 130

IT Insurance Cost-Benefit Risk 130

Smart Data Collective

MAY 3, 2021

Have you sat down and imagined a day where you do not have an office to report to, a boss to be bossed around by, and the freedom to work as per will? 2 Saves time and cost with machine learning. New cost-structure models use complex machine learning algorithms to improve efficiency. #3 are your thoughts?

Big Data 129

Big Data Data mining Cost-Benefit Insurance 129

CIO Business Intelligence

NOVEMBER 1, 2024

One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age. It’s a full-fledged platform … pre-engineered with the governance we needed, and cost-optimized.

IT 122

IT Insurance Consulting Risk 122

CIO Business Intelligence

MAY 1, 2024

McKinsey reports that industrial design teams using LLM-powered summaries of user research and AI-generated images for ideation and experimentation sometimes see a reduction upward of 70% in product development cycle times. “Our Pilots can offer value beyond just experimentation, of course.

Cost-Benefit 143

Cost-Benefit Metrics Insurance Measurement 143

Smart Data Collective

MAY 1, 2022

One of the benefits of leveraging machine learning is that it can help with develop employee compensation schemes. She talked about the benefits of ensuring employees are paid based on their respective value, rather than their position. The leisure and hospitality businesses rely largely on tronc benefits.

Machine Learning 129

Machine Learning Management Cost-Benefit Insurance 129

Corinium

APRIL 25, 2019

Ahead of the Chief Data Analytics Officers & Influencers, Insurance event we caught up with Dominic Sartorio, Senior Vice President for Products & Development, Protegrity to discuss how the industry is evolving. Are you seeing any specific issues around the insurance industry at the moment that should concern CDAOs?

Insurance 150

Insurance Risk IoT Cost-Benefit 150

CIO Business Intelligence

DECEMBER 27, 2023

Generative AI is starting off a new age of exploration in IT,” says Frank Schmidt, CTO at insurance firm Gen Re. AI in a box CIOs are under pressure to deliver productivity improvements and reduce costs in financial services. As a result, many CEOs have high expectations of AI and its ability to transform their businesses.

Insurance 141

Insurance Cost-Benefit Risk Technology 141

FineReport

AUGUST 13, 2021

Insurance companies provide risk management in the form of insurance contracts. Industry-specific, comprehensive, and reliable data management and presentation have become an issue of increasing concern in the insurance industry. The insurance dashboard is one of the most commonly used data display methods.

Insurance 52

Insurance Dashboards KPI Analytics 52

CIO Business Intelligence

JULY 22, 2024

IT leader and former CIO Stanley Mwangi Chege has heard executives complain for years about cloud deployments, citing rapidly escalating costs and data privacy challenges as top reasons for their frustrations. They, too, were motivated by data privacy issues, cost considerations, compliance concerns, and latency issues.

Optimization 128

Optimization Strategy IT Cost-Benefit 128

CIO Business Intelligence

NOVEMBER 1, 2024

One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age. It’s a full-fledged platform … pre-engineered with the governance we needed, and cost-optimized.

IT 105

IT Insurance Consulting Risk 105

Smart Data Collective

AUGUST 7, 2019

The insurance industry is one of the companies investing the most in big data technology. Exactly one year ago today, SNS Telecom & IT published a report highlighting the demand for big data in the insurance industry. The report showed that insurers spent $2.4 billion on big data in 2018 alone.

Big Data 77

Big Data Insurance Cost-Benefit Risk 77

CIO Business Intelligence

JANUARY 8, 2024

Build a robust talent development plan Monica Caldas, CIO and executive vice president with Liberty Mutual Insurance, believes that a strong, skills-focused development plan should be an imperative for IT leaders in 2024. He notes that a recent Amazon report found that employers believe AI could boost overall productivity by up to 49%. “As

Cost-Benefit 142

Cost-Benefit Digital Transformation Optimization Measurement 142

erwin

FEBRUARY 7, 2019

The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Users now view end-to-end data lineage from the source layer to the reporting layer within seconds. Metadata-Driven Automation in the Insurance Industry.

Metadata 96

Metadata Insurance Data-driven Cost-Benefit 96

CIO Business Intelligence

APRIL 28, 2022

According to a Deloitte report , 73% of respondents said their organizations have embarked on a path to intelligent automation and they predict that robotic process automation (RPA) will reach almost universal adoption sometime in 2023. Understand the cost. Determine the competitive landscape.

Cost-Benefit 98

Cost-Benefit Insurance Metrics Software 98

CIO Business Intelligence

JANUARY 4, 2023

billion, with up to $1 billion of those costs being shouldered by the company in the fourth quarter of 2023. Salesforce said these costs consist of up to $1.4 The news comes as the WSJ reported that, based on estimates from Layoffs.fyi , employers in the tech sector collectively cut more than 150,000 jobs in 2022.

IT 115

IT Cost-Benefit Insurance Measurement 115

O'Reilly on Data

OCTOBER 22, 2020

banking, insurance, etc.), All this because they quoted a reporter who writes about automated content moderation. What’s the cost of doing nothing? What costs do you incur, what exposures do take on now? ” A high cost of doing nothing means that this is an urgent matter. And six months from now?”

Consulting 301

Consulting Risk Cost-Benefit Modeling 301

Octopai

SEPTEMBER 22, 2019

Perhaps nowhere is this truer than in the insurance industry, though. Consider: – In life insurance, actuaries rely on data from many sources to discover and define ever more granular health and lifestyle attributes to determine the overall risk level of each applicant. Insurance Metadata Management.

Metadata 53

Metadata Insurance Management Data Governance 53

CIO Business Intelligence

MAY 29, 2024

Last year, as many CIOs ramped up for their first round of Scope 3 reporting, gen AI found its way into virtually every office. Nevertheless, Koushik and many other technologists argue that AI’s benefits far outweigh its ever-growing carbon footprint, which may not be the case for other energy-hungry applications, such as cryptocurrencies.

Cost-Benefit 108

Cost-Benefit Measurement Reporting Modeling 108

CIO Business Intelligence

MAY 17, 2024

And in the adjustment to a post-pandemic workforce, employees and employers have found a new battleground, with IT pros continuing to seek remote and flexible work opportunities, while companies grapple with the cost of following through with return-to-office mandates.

IT 136

IT Insurance Reporting Manufacturing 136

Smart Data Collective

MARCH 29, 2023

However, we have quickly realized that ChatGPT has benefits that go well beyond writing more efficiently. A couple of weeks ago, General Motors started testing the benefits of ChatGPT in its products. Precedence Research reports that the market for AI in the automotive sector was worth $3.5

Manufacturing 110

Manufacturing Cost-Benefit Machine Learning Optimization 110

Jet Global

DECEMBER 9, 2020

Inventory reduction has other benefits as well. The cost of holding inventory is often overlooked. Insurance and excise taxes may reduce as inventory levels decline. Managers need clear answers to ad hoc questions about inventory obsolescence and liquidation, seasonal fluctuations, carrying costs, shrinkage, and more.

Reporting 81

Reporting Finance Sales Measurement 81

Smart Data Collective

MARCH 31, 2022

A lot of accountants are discovering innovative ways to take advantage of the benefits of machine learning. It can accomplish this in a number of ways, such as reviewing past performance reports and error rates on certain projects to figure out which employees you should delegate to. billion within the next two years.

Machine Learning 121

Machine Learning Insurance Finance Cost-Benefit 121

Octopai

APRIL 18, 2022

Regulatory standards for the insurance industry are almost as old as the insurance industry itself. Insurance in the ancient world tended to revolve around merchants shipping cargo. Insurance for your personal valuables, your pets or your fantasy football players was a thing of the future. . Let’s see how.

Insurance 52

Insurance Risk Cost-Benefit Reporting 52

Cloudera

NOVEMBER 16, 2022

Tracks represented financial services, insurance, retail and consumer packaged goods, and healthcare. Some examples provided across the financial services and insurance sessions included: Related to the focus on business impacts were discussions on how to measure the value enabled by the data office. Change agents.

Insurance 86

Insurance Cost-Benefit Metrics Measurement 86

CIO Business Intelligence

DECEMBER 7, 2022

Nearly three out of five CIOs (57%) who reported a budget increase this year cited the need for security improvements as the key reason for receiving that increase in spend, according to the State of the CIO survey. Cloud-related services’ cost has risen by between 5% and 7% this year compared to last, IDC says.

IT 132

IT Insurance Cost-Benefit Risk Management 132

Smart Data Collective

MAY 11, 2023

The American Association of Actuaries reports that big data can also help with actuarial decision making. Big Data is used more in property and casualty insurance than in other areas of actuarial practice. Health and life insurance have seen significant advances in Big Data use in recent years.

Data mining 112

Data mining Big Data Sales Cost-Benefit 112

CIO Business Intelligence

APRIL 12, 2022

When the COVID-19 pandemic hit, it shook every industry to the core, but especially and dramatically affected health insurers. In addition, they faced an onslaught of claims and initial uncertainty about cost and payments for antibody testing, evolving treatments, and, later, vaccines.

Insurance 52

Insurance Technology Management Cost-Benefit 52

Smart Data Collective

APRIL 28, 2021

In November, Investopedia reported that prices of bitcoin rose 111% and they seem to be increasing even further. Finances, healthcare, insurances, real estate, and supply chain – blockchain has managed to render each one of these sectors more efficient and cost-friendly, to the benefit of everyone involved.

Technology 138

Technology Finance Cost-Benefit Insurance 138

CIO Business Intelligence

APRIL 20, 2023

Food and water insecurity will increase, and energy systems, housing stock, insurance, and currency markets will all become more volatile—a worrying set of scenarios for business leaders and boards. CIOs in organizations already with ESG maturity adopt data management, ESG reporting, and risk tools.

Consulting 105

Consulting Insurance Cost-Benefit Finance 105

CIO Business Intelligence

AUGUST 28, 2023

While multi-cloud promises limitless opportunities, without proper management, costs and complexity can escalate quickly. South African insurance provider, Discovery Holdings, doesn’t just protect people. Implementing VMware Aria Cost powered by CloudHealth was a game changer in our multi-cloud strategy,” says Marais.

Cost-Benefit 103

Cost-Benefit Insurance Risk Management 103

CIO Business Intelligence

MARCH 16, 2022

A recent report found that 99% of organizations believe VSM provides key benefits, including accelerated delivery, improved transparency, reduced silos, and more.[1] For example, one team at a multinational automobile manufacturer has moved its projects into value streams and started to see a number of benefits. Conclusion.

Management 98

Management Cost-Benefit Insurance ROI 98

Smart Data Collective

MAY 27, 2021

Automotive companies have found that data technology can help them produce vehicles more quickly, reduce production costs and ensure greater safety standards. However, there is a possible benefit of new developments in data technology that doesn’t get as much attention. EV Sales Soaring. How Will Mercedes Fair?

Data Analytics 132

Data Analytics Manufacturing Big Data Analytics 132

erwin

MAY 2, 2022

Data modeling helps you right-size cloud migrations for cost savings. The cloud offers infinitely scalable resources – but, at a cost. Static overprovisioning or dynamic scaling will run up monthly cloud costs very quickly on a bad design. If I can cut down on the CPU and memory needs, I can cut this cost significantly.

Modeling 98

Modeling Insurance Cost-Benefit Data Warehouse 98